Tuesday, July 23, 2024

Fintech Startup Quid Raises ₹5Cr in Pre-Seed Funding

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Bengaluru-based fintech startup QuiD has successfully secured Rs 5 crore in a pre-seed funding round led by Mint Cap Enterprises and Stone Park Capital. Notable angel investors such as Sushant Kumar of Omidyar Network also participated in their individual capacities. The startup plans to utilize the raised capital to enhance its technological capabilities significantly and deepen its engagement with existing clients and partner lenders.

Fintech startup QuiD, founded by Vikram A G and Subhash Gupta, specializes in B2B supply chain financing solutions. The startup’s innovative approach focuses on anchor-led financing for retailers, aiming to unlock working capital for various stakeholders in the supply chain.

Fintech Startup Quid Raises Fund

By providing analytics-based product financing innovations, QuiD addresses the diverse working capital needs of businesses, especially in the context of the Rs 20-lakh crore supply chain financing market highlighted in the RBI report of 2023.

Abhishek Pandey of Stone Park Capital emphasized QuiD’s unique position to offer zero per cent interest BNPL (Buy Now Pay Later) as its first step product, catering to the evolving needs of businesses. The startup’s tech-driven financial float strategy aims to boost sales and margins for retailers, distributors, D2C brands, and manufacturers.

QuiD’s proprietary finance products have already begun reshaping the landscape of working capital support for retailers, introducing new possibilities for financial empowerment.

Company is also forging strategic partnerships with both offline and online eCommerce marketplace players. Through deep tech integration, QuiD facilitates seamless and customized financing solutions from its partner lenders. By leveraging technology to streamline financing processes, QuiD aims to empower businesses and foster growth within the supply chain ecosystem.

Employees working in office

QuiD’s recent funding round signifies a significant milestone in its journey to revolutionize supply chain financing through technological innovation and strategic partnerships. With a focus on anchor-led financing and deep tech integration, QuiD is poised to drive positive transformations in the B2B supply chain fintech landscape.

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